twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



No. 100 Fails

Partners Bank is 100th bank failure in 2009

Oct. 23, 2009

By MortgageDaily.com staff


Bank regulators just seized a small Florida bank -- marking the 100th federally insured bank to fail this year. The tally for mortgage-related failures also reached a new milestone.

Partners Bank was shut down today by the Office of Thrift Supervision, according to a news release. The Naples, Fla., institution "was critically undercapitalized and in an unsafe-and-unsound condition to transact business," the OTS said.

The 18-employee bank was founded just four years ago.

The Federal Deposit Insurance Corporation, which was appointed receiver, sold "essentially all of" Partners' $66 million in assets as of Sept. 30 to Stonegate Bank -- which also assumed all of the failed bank's $65 million in deposits at par. Assets as of June 30 included $20 million in residential loans, $16 million in commercial mortgages and $12 million in construction-and-land-development loans.

The FDIC, which made no mention of any loss-sharing agreement, expects to lose $29 million on Partners' failure -- suggesting assets were acquired at a 44 percent discount.

"Partners Bank is the 100th FDIC-insured institution to fail in the nation this year, and the seventh in Florida," the FDIC said.

No. 101 was American United Bank in Lawrenceville, Ga., which was seized by the Georgia Department of Banking and Finance pursuant to the Official Code of Georgia, Section 7-1-150(a), and handed over to the FDIC. The code authorizes the department to "take possession of the business and property of any state-chartered financial institution whenever such financial institution is either insolvent or operating in an unsafe or unsound condition."

Essentially all of American United's $111 million in assets as of Aug. 11 were acquired by Ameris Bank, which also assumed all of the former bank's $101 million in deposits for a 1.02 percent premium. The FDIC agreed to a loss-sharing arrangement on $92 million of the assets.

The Deposit Insurance Fund is expected to be depleted by $44 million as a result of American United's failure.

Creative Financial Services recently shut down and left hundreds of files with personal information in publicly accessible trash bins, according to a report from the Associated Press. The company was located in Tampa, Fla.

In all, MortgageDaily.com has tracked the closing of 170 mortgage-related operations during 2009 through 5 p.m. Central today.

next story

back to current headlines

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


Privacy News and Privacy Policy
Stories about privacy regualtion, actions and issues. MortgageDaily.com's privacy policy.





SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders